Ten years ago, it was nearly inconceivable that an American company could have a trillion-dollar market cap. But in 2018, technology giant Apple became the first private organization in the world to amass a $1 trillion valuation on the back of its flagship iPhone. Microsoft, Amazon, and Google parent Alphabet joined Apple in that exclusive club soon after. As did oil giant Saudi Aramco, which is the only non-American company to do so. But 2023 welcomed a new inductee, with semiconductor powerhouse Nvidia crossing the $1 trillion threshold for the first time.
Mark Zuckerberg's 'year of efficiency' is paying off for Meta Platforms Meta Platforms entered 2023 with its stock trading near a seven-year low point, following a 76% peak-to-trough collapse. The company -- led by CEO Mark Zuckerberg -- was betting heavily on virtual reality and the metaverse while its flagship social media platforms, Facebook and Instagram, were experiencing a decline in advertising revenue. Investors became increasingly critical of Meta's strategy, so Zuckerberg quickly pivoted the company. He slashed over 21,000 jobs and prioritized more of its capital spending on technologies like artificial intelligence (AI) instead of the metaverse, which was generating negligible amounts of revenue. He dubbed 2023 the "year of efficiency."
Tesla and Meta Platforms could return to their former glory next year I think 2024 could be an even busier year for the trillion-dollar club, because Meta Platforms and Tesla are on the cusp of earning membership. Interestingly, both companies have briefly held $1 trillion valuations in the past, before a brutal stock market sell-off in 2022 sent their stock prices tumbling.
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